The two major Minnesota-based companies have watched stock prices drop dramatically as they struggle to grow sales. Some analysts believe the Richfield-based electronics retail giant and the Eden Prairie-based supermarket operator could be a prime target for cheap leveraged buyouts. The Star Tribune explains...
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Best Buy founder explores potential buyout options
Richard Schulze is reportedly talking with banks and looking for potential buyout partners as he considers taking the beleaguered Richfield-based electronics retailer private, Bloomberg reports. Schuzle is Best Buy's largest shareholder -- controlling 20.1 percent of the company's stock. The 71-year-old abruptly step down as chairman of the board earlier this month to explore his options.
Target, Best Buy, Supervalu among retailers impacted by Hurricane Sandy
Minneapolis-based Target and Richfield-based Best Buy closed roughly 200 stores on the east coast because of Hurricane Sandy on Monday. Eden Prairie-based Supervalu closed about 20 of its Acme Market stores.
Supervalu to open books for potential buyers
The troubled Eden Prairie-based grocery-store chain is expected to provide prospective buyout firms financial information later this week, the Wall Street Journal reports. Last week, Supervalu hired Goldman Sachs to explore selling either part or all of its supermarket operations after it reported a plunge in quarterly profit.
Best Buy gives Schulze green light to pursue buyout
Richfield-based Best Buy Co. Inc. and its founder Richard Schulze have reached an agreement that gives Schulze permission to review the company's financials and form an investment group to finalize an official takeover bid, Forbes reports. If the initial proposal is rejected, Schulze has agreed to wait until January 2013 to pursue his plan to buy the struggling electronics giant. Schulze has 60 days to present a fully financed definitive proposal to Best Buy's Board of Directors.
Report: Buyout bid for Best Buy could come as soon as next week
Best Buy founder Richard Schulze will likely make an initial offer to take the company private next week, the Star Tribune reports. That's after CEO Hubert Joly is expected to present his strategy to investors in New York. Joly had to postpone the meeting with Wall Street analysts after the destruction of Hurricane Sandy.
Schulze to interview key Best Buy executives
Despite some opposition from board members, Best Buy CEO Hubert Joly has agreed to let company founder Richard Schulze and his team of potential investors to interview eight to 10 key executives, the Star Tribune reports. Schulze, Best Buy's largest shareholder, has until mid-November to make a buyout offer to take the struggling Richfield-based electronics retailer private. He is under a 60-day deadline to present a proposal to the company’s Board of Directors.
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